Even if my Reference System #2 is a high end system, the DAC that I currently use is not really at the right level of quality for such a system. Consequently I permanently search for a new and better DAC, and I spend some time in listening to the modern and far less modern DACs.

Over the past 5 years, I have lesoned to a lot of DACs using different conversion chips, based on different technologies: by doing this I progressively identifiy what best suits my taste. I am also lucky enough to know a lor of people owning the kind of DACs that I love, and having enough money for that: buying a DAC costing more than 10,000$ requires both some revenues but also some passion...

With all the technical progresses that have announced over the past years, such as 24 bits, then 32 bits alongside with higher sampling rates 96 kHz, 192 kHz then 384 kHz, we should ave reached the audio nirvana and everybody should be satisfied in an almost perfect digital world... But... But most of the people being sensitive to an analogic kind of musical reproduction remain unsatisfied. The « analogic sound » has been somthing rare since the very beginning of the digital era: where is the sound of a LINN Sondek LP12 with it s Lingo power supply, of a WELL TEMPERED or a MICRO SEIKI ? ... These turnables (amongst other) are so good that they have passed through the digital changes with an incredible serenity and are still considered as being part of the best devices available worldwide.
Only a few DACs were able to offer an analogic sound (even if, to be honest, they could not really compete with these wonderful turntables...). They joinded the market when the 16 bits / 44.1kHz standard was considered as a big technological success. Their manufacturer did care about the sonic quality of their device and delivered their best efforts to achieve the best possible sound with the parts, chips and components available at the time. And when the best digital receiver was the CS-8412, delivering an analogic and good musical performance was not a piece of cake see [note 1].

These devices have put their fingerprint in the HiFi world at this period, and are still more musical and pleasant than many of the up to date CD players.

The following devices have been carefully listened and in most cases compared with current products such as: REIMO / dCS / TOTAL DAC / EMMLABS, ....We have to recognize that the recent DACs are more precise, provide more detail and sometimes are more nervous, but when it comes to the musical pleasure they are not always as pleasant, as analogic than these old but high end DACs. In some cases, the comparison is very difficult for the modern dACs,because these vintage babies are surprisingly good !

II-THE BRANDS.

The devices that we have listened to, are listed herebelow:

MARK LEVINSON

STAX

SPECTRAL

MANLEY

SONIC FRONTIERS

THRESHOLD

III-THE DAC CHIP.

A very noticeable thing is that all these devices used the same DAC chip, which was a reference (more precisely the reference) at this time: the ULTRA ANALOG 20400A.
This chip was enclosed into a protective packing:

When you listen to these monsters coming from a past era, the first thing that comes in mind is liquidity, listening pleasure, no stress, harmony. The people owning these machines are not about to sell them, and this is proven by the very small number of devices available on the second hand market.
Congratulations to all the designers that have made them a reality, and have found a route to the high end digital with the parts and chips that were available at the time.

[note 1]: people who own a DAC with a CS-8412 input receiver should be aware that there is a *far* better chip named CS-8414 that is pin to pin compatible with the CS-8412. It is *very* valuable to replace the 8412 by the 8414 and to enjoy a huge musical improvement. The CS-8414 is a CMS chip, so you will need a CMS ►DIP adapter and will have to solder the 8414 on this adapter: but the improvement is reallly huge...